EMGS sees reduced level of activity - terminates charter with Euro Trans SkipsVessel & ROV News // July 7, 2016
Electromagnetic Geoservices (EMGS) says vessel utilisation for the second quarter 2016 came in at 76 per cent compared with 68 per centfor the second quarter in 2015. In the second quarter of 2016, the company's vessels were allocated 76 per cent of the time to multi-client projects. No vessel capacity was spent on contract work. In the comparable quarter of 2015, the vessels were allocated 5 per cent of the time to contract work and 63 per cent to multi-client projects.
EMGS had two vessels in operation in the second quarter of 2016; in the second quarter of 2015, it had four vessels in operation.
Boa Thalassa commenced work on a multi-client project west of India on 12 March. The project was completed on 16 April and the vessel has been laid up at a reduced rate since 1 May. The vessel's utilisation for the second quarter was 51 per cent.
Atlantic Guardian commenced a multi-client project in the Hammerfest Basin on 10 March. The project was completed on 26 April. Following the project in the Hammerfest Basin, Atlantic Guardian acquired multi-client data in the Norwegian Sea from 29 April to 15 May. The vessel commenced a multi-client project in the North Sea on 29 May, this was completed on 24 June. Following this, the vessel transited to Fosen shipyard in Norway for rigging for a Joint Industry Project. The vessel's utilisation for the second quarter was 85 per cent.
EM Leader has been laid up since 15 May 2015. During the second quarter, EMGS and the owner of EM Leader, Euro Trans Skips AS, agreed to terminate the vessel's charter agreement as of 1 June 2016, to the commercial benefit of both parties.
The company expects to record US$15 million in multi-client revenues for the second quarter of 2016.